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CITY OF LAKE ELMO, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2024 22 THE CITY’S FUNDS (Continued) General Fund Budgetary Highlights The City’s General Fund generated more revenue than budgeted of $1,007,512, excluding transfers in from other funds. Expenditures were less than those budgeted by $377,766, excluding transfers to other funds. Budgetary deviations were mostly distributed across departments, but resulted most significantly from state aid and investment earnings being more than anticipated and expenditures for building inspections being less than anticipated . Proprietary Funds As the City completed the year, its business-type activities reported a combined net position of $105,668,923. This is an increase of $12,997,788 from the prior year. The following is a summary of the City’s major proprietary funds: Increase 2024 2023 (Decrease) Water 56,335,050$ 50,291,225$ 6,043,825$ Net Position December 31, Major Funds The Water Fund net position increased due to an increase in connection fees, as well as revenues being recognized in relation to infrastructure assets conveyed to the City by local developers, $3,608,962 of which was recognized in this fund. Sewer 31,014,704$ 27,604,510$ 3,410,194$ The Sewer Fund net position increased due to the City receiving developer contributed infrastructure during the year, $3,230,468 of which was recognized in this fund. Connection fees in the Sewer Fund also increased $932,200 from that of the prior year. Storm Sewer 18,319,169$ 14,775,400$ 3,543,769$ The Storm Sewer Fund net position increased due to the City receiving developer contributed infrastructure during the year, $3,998,524 of which was recognized in this fund.